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Lütje, T., Menkhoff, L. Fondsmanagement in Deutschland: Was denken und tun die Akteure?. Credit and Capital Markets – Kredit und Kapital, 38(2), 285-311. https://doi.org/10.3790/ccm.38.2.285
Lütje, Torben and Menkhoff, Lukas "Fondsmanagement in Deutschland: Was denken und tun die Akteure?" Credit and Capital Markets – Kredit und Kapital 38.2, 2005, 285-311. https://doi.org/10.3790/ccm.38.2.285
Lütje, Torben/Menkhoff, Lukas (2005): Fondsmanagement in Deutschland: Was denken und tun die Akteure?, in: Credit and Capital Markets – Kredit und Kapital, vol. 38, iss. 2, 285-311, [online] https://doi.org/10.3790/ccm.38.2.285

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Fondsmanagement in Deutschland: Was denken und tun die Akteure?

Lütje, Torben | Menkhoff, Lukas

Credit and Capital Markets – Kredit und Kapital, Vol. 38 (2005), Iss. 2 : pp. 285–311

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Article Details

Author Details

Torben Lütje, Hannover

Lukas Menkhoff, Hannover

References

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Abstract

This analysis is based on a written enquiry with 263 fund managers in Germany. These professional market actors visualize a marked herd instinct with other fund managers and a clearly psychological influencing of prices. By contrast, fund managers strongly rely on fundamental enterprise and market data as well as on discussions with colleagues and on technical analyses. To that extent, there is a discrepancy between markets deemed to be of poor efficiency and managers’ own rationality. We have identified room for improvement in the following three areas: (i) a herd instinct reflecting conformism at the same time; (ii) substantial value attributed also to non-fundamental information; (iii) application of diverse investment strategies whose conditions basic to success have not in all cases been satisfied.